AI leader Ushur today announced $25M in Series B funding, fueled by a rapidly modernizing insurance industry and a growing demand for self-service customer experiences.
Third Point Ventures led the round, with participation from existing investor 8VC. The latest investment brings Ushur’s total funding to $36M. Ushur will use the proceeds to accelerate its sales and marketing efforts.
Ushur’s cloud-native automation platform helps established insurers like Aetna, Irish Life, Tower Insurance and Unum transform their customer communications with ‘digital-first’ experiences, trading phone calls and physical mailers for convenient web, mobile and email engagement. Ushur’s no-code workflows seamlessly automate each interaction using best-in-class natural-language processing.
This modern approach to customer engagement not only reduces the cost of servicing customers, agents and brokers, but measurably improves customer experience. After implementing Ushur, insurers have seen their Net Promoter Scores (a measurement of customer satisfaction) improve by as much as 40%.
- Ushur Virtual Customer Assistant: Smart technology that automates proactive member, claimant, agent or broker communications across virtually any channel, reaching out to customers, understanding what they need and automatically taking the next steps, whether gathering information for an insurance claim, triggering a renewal notice or providing information about a new product.
- Ushur SmartMail: Software that allows insurers to process high-volumes of customer, agent and broker email automatically, allowing carriers to respond faster and more efficiently. SmartMail automatically classifies incoming emails using Ushur’s proprietary natural-language technology, extracts key account information, auto-responds and auto-populates extracted information into claims, policy, underwriting or core systems, all in under one second.
- Ushur Flowbuilder: Ushur’s web-based no-code builder allows claims, broker services and customer support teams to build, deploy and track rich digital engagements that improve business agility and the customer experience while minimizing the burden on IT. Coupled with deep integrations into insurers’ existing CRM, claims and core systems, Flowbuilder puts the power of digital transformation directly into the hands of business teams.
Trevor Carvey, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO) of newly launched P&C reinsurer Conduit Re, has said that he expects 2021 to mark a “generational transformation” in the way the re/insurance industry operates.
Chubb Chairman and CEO Evan Greenberg is reiterating a call for litigation reform nationally and at the state level to address what he said is a “systemic” worsening of the legal environment and its harmful impact on the insurance industry.